STOCKHOLM, Jan. 31, 2024 /PRNewswire/ — A record year with solid growth and strong cash flow
Loomis delivered a record revenue in the fourth quarter with an organic growth of 6.3 percent. Both the US and Europe and Latin America contributed to the strong growth, and we substantially increased our recurring revenues. I am proud that we achieved revenues of SEK 28.7 billion in the full year with a 7.8 percent organic growth in line with our annual average growth target for the strategic period.
The operating profit (EBITA) increased to SEK 794 million (754) for the quarter and SEK 3,077 million (2,735) for the full year. The US segment had a great performance in the quarter and successfully continued to implement operational efficiencies. The overall business in Europe and Latin America performed well, however, specific areas within the segment didn’t deliver according to our expectations and we are taking actions. We achieved a strong operating cash flow of more than SEK 3 billion for the year, which in relation to our operating profit was 100 percent.
Comments on full-year 2023 and quarter 4
- Revenue for the full-year 2023 was SEK 28,707 million (25,315). Real growth was 9.0 percent (15.9) of which organic growth was 7.8 percent (14.4). Net income full-year 2023 was SEK 1,495 million (1,602).
- Revenue for the fourth quarter was SEK 7,415 million (6,731). Real growth was 9.5 percent (12.1) of which organic growth was 6.3 percent (11.8).
- Operating income (EBITA)1) for the quarter was SEK 794 million (754). The operating margin (EBITA) was 10.7 percent (11.2).
- Items affecting comparability for the quarter amounted to SEK –101 million (0) mainly relating to impairment of goodwill and effects from the devaluation in Argentina in December.
- Operating income (EBIT) before items affecting comparability for the quarter was SEK 737 million (745) and operating margin (EBIT) before items affecting comparability was 9.9 percent (11.1).
- Income before taxes for the quarter was SEK 457 million (619) and net income was SEK 314 million (508).
- Earnings per share before dilution for the quarter were SEK 4.41 (7.05) and after dilution were 4.40 (7.04).
- Cash flow from operating activities2) amounted to SEK 1,326 million (584) in the quarter, equivalent to 167 percent (77) of operating income (EBITA).
- Cima S.p.A. included from beginning of October, with positive impact before acquisition accounting.
- The Board of Directors proposes a dividend, for 2023, of SEK 12.50 per share (12.00).
- The Board of Directors has resolved to repurchase shares by virtue of the authorization granted by the annual general meeting 2023.
1) Earnings Before Interest, Taxes, Amortization of acquisition-related intangible fixed assets, Acquisition-related costs and revenue and Items affecting comparability.
2) Cash flow from operating activities is exclusive of impact from IFRS 16.
This press release is also available on the company’s website, www.loomis.com
January 31, 2024
CONTACT:
Jenny Boström
Head of Sustainability and IR
Mobile: +46 79 006 45 92
Email: [email protected]
The following files are available for download:
SOURCE Loomis AB
